Budget is more than economic horoscope of the nation. Comment

[McGregor]

.

[McGregor]

Budget is qualitative  and quantitiative tool of predetermined objectives. It is more than an economic horoscope of the nation.

1. Political tool - a tool for amassing popular support so that it may translate into vote maximization. For e.g. Farmer welfare is given due importance in budget since farmer constittues largest chunk of Indian population. 

2.. Policy tool - part of policy cycle which focuses upon what and how of policy making e.g. Incremental vs Rational policy 

3. An Economy tool -  optimal resource allocation to various sectors of the economy e.g. infrastructure vs Farm subsidies 

4. Social tool - for securing parity among multiple social groups in general and vulnerable groups in particular for e.g. women empowerment(MAA program), Tribal upliftment (Eklavya scheme)

5. Accounting tool - for noting down revenue and expenditure 

6. Market tool - to facilitate ease of doing business e.g. tax concessions , exemptions to Special economic zone

7. Legislative tool of financial control over executive to ensure the spirit of checks and balances through debates, delegation and discussion

8. Government tool to present is grand vision and narrative of development of the nation. e.g. India shining , Sankal se Siddi

Thus, budget is a comprehensive term having multiple meanings and not just an economic horoscope.